November 19, 2020

According to the statistical office of the European Union (Eurostat), in October 2020, the euro area annual inflation rate was -0.3%, stable compare to September 2020. Compared to the previous year, the rate was 0.7%. Additionally, the European Union annual inflation was reported at 1.3%, stable compare to September 2020. Relative to the previous year, the rate was 1.1%.

The lowest annual rates were observed Greece (-2.0%), Estonia (-1.7%) and Ireland (-1.5%). The highest annual rates were recorded in Poland (3.8%), Hungary (3.0%) and Czechia (2.9%). In comparison with September 2020, annual inflation declined in fifteen Member States, remained stable in two and rose in ten.

The highest contribution to the annual euro area inflation rate in October 2020 came from: alcohol & tobacco (+0.38 percentage points, pp), followed by food, services (+0.19 pp), non-energy industrial goods (-0.03 pp) and energy (-0.81 pp).

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